STAKEHOLDER NEWSLETTER | DECEMBER 2023
IN THIS EDITION
OVERVIEW
A Message From Our Managing Director - Scott Gibbons
As we approach the end of the year, I would like to take a moment to express my gratitude for your continued support and partnership with Gibbons. The past year has presented its challenges, but together, we have navigated through them.
We held a local Stakeholder function in Nelson, in October, which provided a great opportunity to connect face-to-face. Here I shared a few market insights that we have observed, and provided an update on where we intend to focus our efforts during this next period. It was great to connect with many of you and hear how you will manage this next period of time, as well can discuss how we could help each other.
I am pleased to announce a significant appointment within our leadership team. Daryl Wehner has been appointed as our new Chief Financial Officer (CFO). Daryl brings with him a wealth of knowledge and expertise gained through previous roles in the property and infrastructure sectors and, most recently, during his successful tenure at Port Nelson. I am confident that he will fit in well with our team, and with his strategic vision, will contribute to the continued success and growth of Gibbons. We are also currently recruiting for some more property administration support to strengthen our service levels to you all.
And as the holiday season is upon us, I want to wish each and every one of you a safe, happy, and healthy Christmas and New Year. May this festive season bring joy, relaxation, and the opportunity to spend quality time with your loved ones.
I look forward to a prosperous and collaborative year ahead.
Scott Gibbons - Managing Director
IN OUR COMMUNITY | Volunteering
Community Volunteer Days
Starting in FY2023, Gibbons introduced a community service outreach programme, encouraging the team to volunteer for eight hours in any charity or community organisation they choose, during normal working hours.
Some of the volunteer work included helping at the NZ House & Garden Tours in support of the Breast Cancer Foundation NZ; regular volunteering at Victory Boxing’s Parkinson’s Class; track cutting at the Brook Waimārama Sanctuary Trust to make a tuatara enclosure; construction work on the visitor and staff facilities at the Gorge Mountain Bike Park; and joining the Nelson Tasman Emergency Response Team for our local branch of Civil Defence. We are proud of the initiative shown by our staff in getting behind their local charities.
Our entire team also undertook a volunteer afternoon at the Richmond Hospice Shop in September. We put our painting skills to work to help upgrade the shop’s donation drop-off zone. It was an honour being able to help the Hospice and was a great team building activity too.
In total this year, Gibbons has donated over 80 hours of volunteer time through our staff.
As a family and business, we actively support a range of initiatives that have a lasting positive impact on the communities in which we operate. If you would like to see more of what we do in our community, visit www.gibbons.co.nz/community
ESG | NABERSNZ Energy Rating for Offices
An Oldie But Goodie:
The Nelson Evening Mail Scores 5 Stars
15 Bridge Street, at the corner of Bridge Street and Haven Road in Nelson, has been the site of the Nelson Evening Mail Building since the early 1900’s. The historic A-rated façade of the building has always remained, but the building itself has been through a few iterations since then. However, through it all, the Nelson Evening Mail Building is still performing at the top of its class, as can be seen from its recently awarded 5 Star NABERSNZ energy rating. The two-storey office building was assessed through the NABERSNZ (the National Australian Built Environment Rating System New Zealand) programme, under the licensing of EECA and the jurisdiction of the New Zealand Green Building Council. This programme is extremely diligent in their assessment criteria and processes, and the Nelson Evening Mail Building at 15 Bridge Street is currently the only Nelson NABERSNZ rated building to have gone through the process within the last year. Read more in the Stuff news article “Building owners urged to tackle energy efficiency as Mail building shows way.”
Gibbons is now looking to other office buildings in their portfolio that qualify for assessment in the NABERSNZ programme. Having a building worked through the NABERSNZ process is a perfect way to assess the energy efficiency of it and see where improvements can be made. Commercial buildings use 21 percent of New Zealand’s electricity, costing businesses $800 million every year, and the NABERSNZ programme is a great tool to rate and improve the energy infrastructure of these buildings.
DEVELOPMENTS | Spring Update
Our Developments
Nelson Junction
Nelson Junction is transforming into a destination shopping centre with the Stage 1 Large Format Retail (LFR) building nearing completion. The site has undergone rapid changes with several work fronts in progress, and the 11,000m2 Stage 1 development is expected to be ready for our tenants to start their fitouts from February onwards. The opening dates are planned from April/May onwards. The development also includes a major upgrade and expansion of the carpark and the access routes to and from the site.
Our existing tenant, Mitre 10 Mega, anchors this new precinct, and we are thrilled to announce that we have secured commitments from various national and international brands such as Aki Sushi, Beds R Us, Bed Bath & Beyond, Mountain Warehouse, and Hunting & Fishing. We are also in advanced negotiations with more retailers, including a discount pharmacy, and new-to-region pet shop and electronics brands. If you are interested in joining this development, please contact us as we have only a few spaces left.
Berryfields Crossing
The construction of Stage 1of Berryfields Crossing is now complete with the opening of Burger N Beast in November who joined BestStart, Eat Italy, Joe’s Garage and our anchor tenant, Silky Otter Cinemas.
Something else that may have caught your eye in passing is how the space on the corner location of our site has opened up recently with the removal and clearance of the section. We have well developed concept plans for what we are calling our ‘Corner Commercial’ development, where some form of mini-mart/superette, commercial retail, and possibly some further entertainment offerings are in consideration. We would like to see this progress through 2024 and get construction underway towards the back half of the year.
In parallel with this we are continuing to refine our plans for a professional services/office build on the site. Again, we would like to progress this to a point where we can bring the offering to the market and start to take considered interest in the spaces.
Lower Queen Street
The end of 2023 saw our stunning new 1,800m2 warehouse added to our LQS Industrial Park development, located on Lower Queen Street, Richmond. The well-appointed build has been divided into four tenancies, all of which are now occupied or committed to. The striking design has certainly been a head turner and is a great welcoming statement as you enter the development.
We have continued to develop the land and infrastructure on the site, mainly in response to further development interest, and we have existing tenant expansion demand and new-to-the-development tenant interest. It’s great to see current tenants outgrowing their spaces, and overall demand in the commercial and industrial space hold strongly in the market. With planning in progress, we envisage breaking ground on these new projects towards the middle of next year.
2024 is shaping up to a busy one at LQS and we look forward to working on the above projects and continuing to work with our tenant family and others, as we deliver solutions to their business needs.
Bishopdale Development
Vista Heights development in Bishopdale, Nelson, has progressed steadily over the winter and spring period. Good weather has allowed civil contractors to complete the construction of Stage 5, bringing a further four sections to the market. All of these sections have stunning views out to the southwest of Nelson city, overlooking Rabbit Island and the Western Ranges of the Nelson/Tasman area.
The next stages are under a peer review on design elements, and we are completing the gully remediation work and connecting a lifestyle block from the potteries land adjacent to Vista Heights. The intention is to start the earthworks on these sections in the summer months of February and March 2024.
The current economic climate and cost of funds is making the affordability for the first home buyers challenging, so demand for sections and sales are quieter than previously experienced; but we are confident that the summer season will attract some new interest in these nicely positioned sections close to Nelson city. For more information on what sections are available, please visit the development website at vistaheights.co.nz
A Warm Welcome to Our New Tenants
TENANT UPDATE | Welcome
This quarter, we have welcomed new businesses at Berryfields Crossing and Upper Queen Street Shopping Centre in Richmond.
Burger N Beast | Berryfields Crossing | Richmond
Stage 1 at Berryfields Crossing is now complete and fully let, with the opening of Burger N Beast. We're excited to have Richmond’s premier dining and entertainment precinct operational in time for summer. It’s the perfect location to sample some of the best eats around, in the beautiful outdoor area, with plenty of space for kids to play and adults to mingle.
Ugly Dog and Kitchen | UQS Shopping Centre | Richmond
Also in Richmond, our UQS Shopping Centre recently added a new eatery to the complex. We are pleased to welcome Oliva Anderson with her new restaurant, The Ugly Dog and Kitchen, and her two “ugly” dogs Phat Dog and Missy of course! It is a great place to go for drinks and nibbles and is a true family affair, being run by Olivia and her daughters and son.
Burger N Beast
The Ugly Dog and Kitchen
Opportunities
Here are some new and exciting leasing opportunities within our portfolio if you are looking to expand or know of someone who would like to join our tenant family. Click on the link for more info. We’d love to hear from you.
